High street favourite Peacocks recovers
5th December 2017
Sales are up at discount clothing chain, Peacocks, which faced administration in 2012.
Sales at the chain grew by 4 per cent to £325m during the year, with online sales up 221per cent.
Peacocks, which has stores in Gloucester, Stroud and Cirencester, was rescued from administration by the Edinburgh Woollen Mill Group, saving almost 400 stores and 6,000 jobs, as reported by The Telegraph.
Edinburgh Woollen Mill has invested £80m in the Peacocks brand in the last five years, including new store openings in the UK and overseas.
Now the Edinburgh Woollen Mill Group has reported a rise in annual profits after turning around the performance of the chain. The latest accounts for the company, which has more than 1,000 stores and employs more than 10,000 people, show pre-tax profit grew 26 per cent to £71.3m in the year to 1st March.
The company said it was attracting a range of customers from older people to thrifty mums.
Punchline says: Years ago we would champion the independent retailer against the national chains. Nowadays we're championing the independents retailers and the chain stores against online giants like Amazon. We want to save our high streets and support local jobs and the local economy. With the big online retailers, it's not a level playing field for high street stores, so it's great to see Peacocks fighting back.
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